National Vision Holdings (NASDAQ: EYE) is an optical retail company that operates retail stores selling prescription eyeglasses, contact lenses, and eye exams to value-oriented consumers. Revenue comes from product sales (eyeglass frames, lenses, contact lenses) and services and plans (eye exams, membership programs), with net product sales of $1.60B and net sales of services and plans of $383M in fiscal year 2025, totaling $1.99B in net revenue. The company operates primarily under the America's Best brand, which offers an Eyecare Club membership program with approximately 1.3 million active members as of January 3, 2026. National Vision targets price-conscious, middle-income consumers and participates in managed vision care and vision insurance programs as a material channel for customer acquisition and revenue. The business is transactional and membership-based, with seasonality weighted toward the first half of the fiscal year due to annual insurance benefit resets. Supplier concentration is high: approximately 86% of lens expenditures in fiscal year 2025 came from a single exclusive lens vendor, and approximately 96% of contact lens expenditures came from three vendors.

Revenue model

Transactional retail sales of eyeglass frames, lenses, and contact lenses, combined with fee-for-service eye exams and recurring membership plans. America's Best Eyecare Club charges a one-time fixed payment for a three-year membership covering two eye exams per year and a 10% discount on eyewear and contact lenses. Managed care and vision insurance reimbursements represent a material revenue channel. Revenue is recognized at point of sale after product acceptance by the customer.

Products and services

Prescription eyeglasses (single vision, bifocal, and progressive lenses with coatings and photochromic options), contact lenses (daily, weekly, and monthly disposables), eye exams, and the America's Best Eyecare Club membership program. Frame portfolio includes brand-name designers (Ray-Ban, Coach, Calvin Klein), secondary brands, direct import, and private label options. In fiscal year 2025, the company added higher price-point frames and introduced Ray-Ban Meta smart glasses.

Customers and end markets

Value-oriented and middle-income U.S. consumers needing vision correction. End markets include retail optical, managed vision care insurance, and direct-pay eye care. Contact lens customers are a recurring-purchase segment driven by disposable replenishment cycles, with approximately 51 million U.S. contact lens wearers. Glasses wearers replace eyewear approximately every two years according to The Vision Council (2025 data).

Value-chain role

Retail optical chain that sources frames, lenses, and contact lenses from third-party suppliers, operates in-store optical labs, and provides on-site licensed eye care professionals for exams. Approximately 86% of eyeglass lens expenditures in fiscal year 2025 were from one exclusive supplier. The company also direct-sources private label frames from overseas factories and processes managed care insurance claims through point-of-sale and EDI systems.

Geographic exposure

United States only, based on the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-04

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